GM Reports $1.2 Billion Net Income in Q2, Down 20 Percent

General Motors has released its second quarter financial statement, revealing net income of $1.2 billion, a decrease from the $1.5 billion earned during the same period last year. GM's net revenue for the second quarter of this year was $39.1 billion, a slight increase from the $37.6 billion the automaker made during the same period in 2012.

GM South America recorded a profit for the quarter, but the company continues to struggle in Europe. GM, however, managed to reduce its operating loss in Europe to $110 million this quarter, compared to $394 million in 2012. The report comes weeks after GM announced its plan to reposition Opel as a premium brand in the region, while keeping Chevrolet as the value-priced nameplate.The numbers from other regions were much better, including North America where GM's second quarter profits totaled $2 billion, just above the $1.9 billion it earned during the same period last year. Through the first half of 2013, GM's U.S. sales are up in all four divisions. The new Chevrolet Silverado and GMC Sierra are leading sales jumps in their respective brands, and thanks in part to the new ATS and XTS, Cadillac is up 33.2 percent for the first half of 2013 before the new CTS and Escalade arrive in dealerships. In the same period, Buick was up 11.8 percent, with the brand's most expensive vehicle, the Enclave, also its best-seller.Source: GM

This is great news to me. As an American and an auto enthusiast, i want to see the American auto companies do well. I get disgusted when i read negative comments from readers who hate GM, Ford and Chrysler. I dont understand it at all. Post-bankrupt GM is clearly aiming to build world-class vehicles and it is starting to show. I remember being a kid (im 24) and hearing my grandad proclaim his love and Loyalty to the American brands, particularly Ford. What happen to this kind of auto patriotism? The cars are really becoming world-class from the Spark to the Silverado so people (Americans) should stop hating and start rooting for the Detroit Three

The ATS is struggling in the marketplace, never reaching 4k in a month since launch, and is already on a $299 lease for a $40k+ 2.0T, which Infiniti is also using to move the remaining 7-year old G37 sedans. Not a good sign, with new competitors coming as we speak. Buick LaCrosse has suffered heavy losses to Avalon, and Malibu flopped. But the new CTS and Escalade should help Cadillac get going again.

I think the new F-150 next year will do some damage to the Silverado next year. But maybe the new Vette and Colorado will mitigate the losses....

In GM's defense, at least they, meaning Chevrolet, still build cars and trucks here, and use American parts. GM should have went belly-up a few years ago, and the only reason they're still alive is the number of manufacturing jobs lost would've killed the economy. Their incompetence, sloth, and abuse of their owners has earned them everything they've gotten, and then some. When Toyota makes as many actual "American" cars as you do, and more than the other "domestics" there's a serious problem with what you're doing. 30 years of average to below-average quality won't be forgotten so easily either.

Chrysler has sold out, but at least they're up front about it. Ford's best selling vehicles (Focus, Fusion, Escape, Fiesta) are all 50% domestic parts content or less, and are made in other countries. Ford makes only 3 vehicles that are 2/3 American by content. pretty sad.

They have earned all the respect, or lack thereof, that they've gotten. They have to compete for more. And they should. No more blind, ignorant "patriotism". Time to compete with the best in the world, and earn your keep. And invest in the country that made you what you the billion dollar corporations you are, while you're at it. When you're whoring yourself over in China, it'd be nice if you didn't forget where you came from. Not be all about accountability to the stockholders.

You talk about respect, do you? Who had to beaten by the Japanese in the market place, and driven to the brink, in order to make quality cars, or fuel efficient cars?

The "domestics" have worked hard to lose the respect of an entire nation of car-crazy Americans. They'll have to show a little "American Spirit" and fight to get it back. There's nothing more American than a good ol' fight!

I'm rooting for them. I just wouldn't bet on them. Made that mistake before.....

@Black Dynamite I think the ATS isn't generating enough money because people have gotten used to german car brands being the ones they go to for executive cars. So wait a little bit more and people might just get used to nice quality Cadillacs.

@Black Dynamite Here we go with the Avalon stuff again. Let me make this clear: 1. Nobody and I mean NOBODY cares about that car. You might as well talk up the Yaris, you'll get about the same enthusiasm. 2. Avalon isn't exactly bringing in the sales, like you'd like us to believe. You make sound as if it's a consistent top 10 seller. 3. Stop cross comparing the Avalon to cars that aren't even in the same class. You always want to draw comparisons to the 300 and now the LaCrosse? Those aren't mainstream cars, they're premium cars.

Let's examine Toyota: The Yaris was outsold by Smart last month, and is terribly obscure. The Tundra is blinded by the big 3. It took forever for the Corolla to be remade, and it remains to be seen if it is an improvement, and with the Cruze Diesel, Forte, and Mazda 3, the Corolla will be bottom rung again. The Camry is a well selling appliance to the fleets. The Highlander is totally in need of replacing, and the 4Runner, FJ Cruiser, and Tacoma are so old tech they need not mentioning. See how easy it is to go through a carmaker model by model??

@Black Dynamite: The location of a vehicles manufacture, though it is carefully scrutinized, is only a very small part of the transaction. The majority of the money earned is gained by the domestic auto owners--so for that reason you may remain loyal to a domestic. Toyota has their cars made here to avoid tariffs and poor exchange rates (which may change as Japanese currency goes down), not some sense of loyalty. It is strictly an economic decision, which all car companies make.

Last article I saw said that the Traverse was the most American vehicle, which is made by GM. We know and have for years that we live in a global economy so all major auto companies make vehicles all over the world. As for your beloved toyota, the prius that they sell so many ofnin the US are all made in japan. Also the whole scion brand is made in japan. You know the list goes on so stop with the BS. last thing is you should be thanking GM, Ford and Chrysler for making crappy vehicles for decades or they would still own this country. Don't worry your pretty little head though because they got those problems worked out and are taking that back 0.1 market share at a time.

@srt_charga Maybe you didnt realize that the Malibu and Fusion are selling even higher to fleets. Toyota doesnt really care for the truck segment, hence the 10 year old Tacoma. The Corolla was only 7 years old, a little outdated, yet the best selling in class. Cruze deisel will only attract fleets. The Malibu, Colorado, Tahoe, and express van are so old in tech, they arent even mentioning it.

Actually that's not true -- the Germans are manufacturing a lot of vehicles “Made in Germany” and making a profit. The same goes for Japan. The U.S. could easily manufacture more cars and merchandise here, but it's all about profit – they are unable or unwilling to manufacture competitively – or at least until recently.A lot more companies are building factories in the U.S. to cut back on currency fluctuations and shipping costs.Either way, it’s good that GM is building better cars and thank God the government stepped in to save these companies.The fallout would have been catastrophic to our economy at the time.

@Black Dynamite The most American car the past few years, and to my knowledge still is, would be the Avenger/200 twins. Engine: US; Transmission: US; Assembly Plant: US; Percent of Domestic Parts: 81%. I apologize if it I got the percent wrong (though it's at least 81%, could be more). I'm doing this from memory.

@Black Dynamite The United States competes in a global economy, and unfortunately, the cost for an American manufacturing job is too high as compared to other countries around the world (especially with the passing of NAFTA and CAFTA). Additionally, as manufacturing moves to become ever more efficient and automated, manufacturing jobs are bound to decline. The only stopgap is the power of the UAW. So don't look at which cars has the most "American-made parts".

Look instead at the jobs that will still be around 20 years now. Those are administrative jobs. America is moving towards a service economy, and that part of our economy is only expanding. Ford, GM and Chrysler have a significant presence in the U.S. in that regard. Their world headquarters are located in Detroit. They have dozens of design centers scattered across the U.S. Their R&D departments are located primarily in the U.S. These are the jobs that we want. These are high-paying jobs. These jobs are so much more important than a manufacturing job. But these jobs are not represented in "The Most-American-Made Car" studies.

Now I'm not saying that Toyota does not have these jobs in the U.S. They have R&D facilities in Ann Arbor, Plymouth and Phoenix, among others. But as compared to the American automakers, their presence is nowhere close.

4 vehicles have a DPC (Domestic Parts Content) of 80% or better. Expedition, Grand Caravan, Chevy Express/GMC Savana and the Toyota Avalon. Interestingly, only one of these is built in America, and has it's engine and transmission made of U.S. parts. You guessed it. It's the Toyota.

I didn't say the Malibu or Fusion weren't high in fleet, but the Camry is at about 38% right now, so when we are touting it's #1 selling status, remember how its done. Toyota doesn't care about the truck market? Why are they trying a half hearted attempt with the Western-themed Tundra? And passing it off as all new with new lipstick? The Corolla's orgins goes back to 2003, and Toyota's attempt to make it appear new failed. Not sure where the Cruze diesel will sell to fleets as its transaction price is far higher than a Cruze LS. The Tahoe is old tech how? The Express Van, really? And the 2014 refresh on the Malibu should correct it's short coming in the rear seat area. Your go...